ChainCatcher news, according to CoinDesk, payment giant Mastercard (MA) has integrated its blockchain-based tokenized asset transfer system Multi-Token Network (MTN) with JPMorgan's recently renamed digital asset business Kinexys (formerly known as Onyx). This collaboration aims to enhance B2B cross-border payments, "providing greater transparency and faster settlement speeds while reducing time zone friction."Tokenized foreign exchange is an attractive subset of the real-world asset trend based on blockchain, which has been firmly embraced by traditional finance as it offers an almost real-time, always-online way to avoid cross-border gaps and pain points. The two companies stated in a joint announcement that by integrating Mastercard MTN with Kinexys digital payment connectivity, MTN and Kinexys' mutual clients will be able to settle B2B transactions through a single API.

ChainCatcher news, Thailand's established bank Siam Commercial Bank (SCB) announced a partnership with fintech company Lightnet to provide customers with stablecoin cross-border payment and remittance services. The service allows customers to conduct cross-border transactions 24 hours a day, 7 days a week, significantly reducing transaction costs.It is reported that the service has passed the regulatory sandbox testing by the Bank of Thailand.

ChainCatcher news, brokerage firm Bernstein stated in a research report on Thursday that the importance of stablecoins to the global financial system is growing, and they have become the 18th largest holder of U.S. Treasury securities.The report noted that after a decline in supply in 2023, the issuance of stablecoins has now returned to a historical high of $170 billion, with on-chain monthly payment volumes doubling over the past 12 months, reaching $1.4 trillion in July.The report pointed out that these cryptocurrencies are increasingly being integrated with payment and fintech companies such as PayPal (PYPL), MercadoLibre (MELI), and Grab (GRAB). Stablecoins are also being used more frequently for cross-border payments. Bernstein stated, "Dollar stablecoins on the crypto rails are now the cheapest cross-border payment rails."

According to ChainCatcher news, the Bank for International Settlements has partnered with some of the world's largest banks and credit card companies to launch a blockchain-based project aimed at fundamentally reforming global cross-border payments. JPMorgan Chase, Deutsche Bank, UBS Group, as well as Visa Inc. and Mastercard have all joined the Agora project, which started in May. The complete list of private sector participants includes 41 companies that will collaborate with seven central banks from regions such as the United States, the Eurozone, Japan, and the United Kingdom.The Bank for International Settlements is exploring the creation of an international platform through Agora (which means market in Greek), where tokenized assets can be bought and sold using central bank-supported digital currencies issued by central banks that issue the world's most important reserve currencies. On this unified ledger, investors can conduct cross-border transactions using central bank money that is virtually risk-free. Currently, the only relatively safe currency is cash, which does not exist in digital form.

ChainCatcher news, according to CoinDesk, the Bank for International Settlements (BIS) stated that over 40 financial companies will explore the application of tokenization in wholesale cross-border payments through the BIS's Project Agorá.These financial companies were selected by the BIS after a public call for participants in May. The project has now entered the design phase.The BIS stated on its website that the project is based on its unified ledger concept, "which will study how to seamlessly integrate tokenized commercial bank deposits with tokenized wholesale central bank currency into a programmable core financial platform."

ChainCatcher news, during the opening speech at the Invest in UAE Forum, Hong Kong's Under Secretary for Financial Services and the Treasury, Chen Haolian, stated that over the past year, Hong Kong and Dubai have continuously strengthened their partnership in the financial sector. Last year, a Hong Kong licensed insurtech company began a strategic collaboration with the oldest insurance company in the UAE, and their digital asset custody insurance has been approved by the Central Bank of the UAE to operate locally.In terms of cross-border payments, Chen Haolian pointed out that the Hong Kong Monetary Authority and the Central Bank of the UAE, along with three other central banks and the Bank for International Settlements Innovation Hub, are collaborating on a project called Multiple Central Bank Digital Currencies (mBridge) to explore the application of wholesale central bank digital currencies. The project completed its pilot phase in 2022, with 20 banks from four jurisdictions participating. This year, the project has reached the Minimum Viable Product (MVP) stage and will further expand participation from the public and private sectors.

ChainCatcher news, according to chainwire, the stablecoin cross-border payment company PEXX has announced the acquisition of the Singapore blockchain media Chain Debrief.It is reported that PEXX is an innovative fintech startup focused on stablecoin cross-border payments. Following a successful financing round of $4.5 million led by TNB Aura and ANTLER, the company is pleased to announce the acquisition of the Singapore blockchain media platform Chain Debrief, with the acquisition amount undisclosed. This strategic move aligns with PEXX's commitment to expanding its footprint and fostering deeper engagement within the global blockchain community.Through this acquisition, PEXX plans to directly integrate Chain Debrief's extensive content library (including articles, tutorials, and expert analyses) into the PEXX user experience, thereby enriching its platform. This will enable users to easily access the latest information on blockchain technology, cryptocurrencies, and regulatory developments to help make informed decisions.In addition, the acquisition of Chain Debrief is an important channel for PEXX to enhance its community, particularly in Southeast Asia. By continuing Chain Debrief's mission of crypto education, PEXX will provide users with the resources needed to navigate the rapidly evolving cryptocurrency landscape. This move also supports PEXX's broader vision of encouraging cryptocurrency investment and adoption throughout the region.

ChainCatcher news, cross-border payment infrastructure Layer2 Financial has completed a $10.7 million Series A funding round, led by Galaxy Ventures, with participation from Accomplice and Sapphire Ventures. The company plans to use the funds to advance its product development, expand into new jurisdictions, and grow its team.It is reported that Layer2 Financial's partners can provide clients with compliant payments in multiple currencies. Through its API, clients can transfer funds using methods such as ACH, Fedwire, Swift, SEPA, and tokenized assets (including transfers from digital currencies to fiat currencies and vice versa), as well as receive and send payments. The platform is currently regulated in approximately 34 states in the U.S. and has also obtained licenses in Canada and Europe.

ChainCatcher news, according to RIA Novosti, the Russian Duma has passed a law in the second and third readings that allows for cross-border settlements and exchange transactions of digital currencies within the framework of an experimental legal regime (EPR) starting from September 1, 2024.In addition, the Russian Duma has also passed a law in the second and third readings that will legalize cryptocurrency mining in Russia starting from November. The law stipulates the procedures and conditions for conducting such activities. Legal entities and individual entrepreneurs registered in the Russian Federation's Ministry of Digital Development will be entitled to engage in cryptocurrency mining.

ChainCatcher news, Airstar Bank Limited announced a collaboration with JINGDONG Coinlink, a subsidiary of JD Group, on the Hong Kong Monetary Authority's stablecoin issuer "sandbox." As one of the participants in the "sandbox," JINGDONG Coinlink plans to utilize the "sandbox" environment for innovation, testing, and improvement, dedicated to developing blockchain-based cross-border payment solutions using the latest technology to help businesses address challenges and enhance payment experiences in cross-border transactions.Relevant information indicates that the stablecoin issuer "sandbox" was launched by the Monetary Authority on March 12, 2024. Through the "sandbox," the Monetary Authority can communicate regulatory expectations and provide guidance to institutions planning to issue fiat stablecoins in Hong Kong, while participants can test the feasibility of their expected business models and directly communicate with the Monetary Authority to understand how to comply with future regulatory requirements.It is reported that Airstar Bank (full name: Airstar Bank Limited) was granted a banking license by the Hong Kong Monetary Authority in 2019. On June 7, 2024, Futu Holdings (FUTU.US) announced that it had completed an investment of HKD 440 million in Gravitation Fintech HK Limited, the parent company of the licensed virtual bank Airstar Bank in Hong Kong. After this change, Xiaomi Group holds 50.30% and Futu holds 44.11%.

ChainCatcher news, according to Cointelegraph, Bitcoin mining company Marathon Digital stated at the Bitcoin 2024 conference that cross-border Bitcoin payments are its primary development goal. Julian Duran, head of Marathon's sidechain products, revealed that the company is seeking to collaborate with blockchain developers to build Bitcoin Layer-2 solutions to accelerate cross-border BTC payments. He pointed out that in emerging markets, the average cost of cross-border remittances is 8% to 10% of the transaction amount, and settlement times typically take three to four days, while Bitcoin transactions usually settle within 10 minutes, and Layer-2 solutions can be even faster.In addition, Duran emphasized that the success of any payment solution requires strict compliance with regulatory requirements, although this may increase costs. In emerging markets, regulatory approvals are often faster and cheaper, as local governments and regulatory bodies seek better cross-border payment solutions. Besides payments, Marathon is also focusing on tokenization plans for real assets, including tokenizing whiskey barrels in the U.S. and collaborating with a platform to protect French châteaux.Currently, Marathon is one of the largest Bitcoin company holders, holding approximately 20,000 Bitcoins, valued at over $1 billion, and purchased about $100 million worth of Bitcoin just in July.

ChainCatcher news, Animoca Brands announced that it has partnered with Standard Chartered Bank (Hong Kong) and Hong Kong Telecom to participate in the stablecoin issuer sandbox launched by the Hong Kong Monetary Authority in March this year.Animoca Brands stated: Hong Kong Telecom will explore how the innovation of stablecoins can support local and cross-border payments through the sandbox, bringing greater benefits to consumers and merchants; Standard Chartered Bank (Hong Kong) will actively participate in the stablecoin issuer sandbox to discuss how to support the thriving development of Hong Kong's digital asset ecosystem in the most effective way, and to gain insights into the opportunities and risks brought by the evolution of the stablecoin market for this ecosystem; while Animoca Brands is committed to promoting the widespread application of digital assets and applying blockchain-related technological solutions to physical assets and the traditional economy.

ChainCatcher news, according to Bitcoin.com, the Banque de France (BDF) and the Hong Kong Monetary Authority (HKMA) announced a collaboration on wholesale central bank digital currency (wCBDC).It is reported that this collaboration includes the HKMA's participation in the second wave of exploratory work of the European Central Bank's euro system. The two institutions signed a Memorandum of Understanding (MoU) to innovate in the wCBDC and tokenized markets, focusing on the interoperability between BDF's DL3S infrastructure and the HKMA's Ensemble Sandbox. This collaboration aims to enhance real-time cross-border and cross-currency payments, optimize settlement efficiency, and promote interoperability between financial market infrastructures.BDF First Deputy Governor Denis Beau and HKMA Vice President Howard Lee emphasized the potential of this initiative in promoting inclusive finance and advancing the development of the global token market.

ChainCatcher news, according to a report by the "News" on July 3, citing the Central Bank of Russia, the Russian government is considering officially legalizing stablecoins for international transactions to simplify cross-border payments for Russian companies.According to the report, the Central Bank of the Russian Federation (CBR) is actively discussing proposals to allow the use of these crypto assets, which are pegged to stable currencies or assets like the dollar or gold, making them less volatile than other cryptocurrencies.CBR Deputy Chairman Alexey Guznov confirmed this initiative and emphasized that the main focus is on regulating the entire transaction chain, from transferring these assets to Russia to accumulating and utilizing them for cross-border payments. Guznov stated that this could be established as a permanent regulation rather than a temporary experiment. While stablecoins share similarities with digital financial assets (DFA) and cryptocurrencies, fine-tuning the regulatory framework is crucial due to their unique characteristics and widespread adoption.According to the report, stablecoins are seen as a promising tool for international settlements, especially for transactions with BRICS countries (including Brazil, Russia, India, China, and South Africa).